I'm a big fan of Peter Jackson but don't know how he can stretch a book with less than 400 pages into 3 movies...

By making crap up. You know the parts in the book, where Gandalf would leave the dwarves and Bilbo on their own for a while? Where he would go off and 'deal with' someone called the Necromancer (aka Sauron, only way less menacing, presumably) only to arrive fifty pages later and save the others at the last minute, but not say a word about what he was doing or why?

That's a movie and a half right there, if you don't mind making crap up.

I was looking forward to The Hobbit until I heard it was going to be a trilogy, because I have to admit to myself that the parts of the The Lord of the Rings trilogy that I least enjoy are the parts where Jackson makes crap up.

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